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A passion for better marketing Ernst & Young Marketing Conference Presentation
 

A passion for better marketing Ernst & Young Marketing Conference Presentation

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A Passion for Better Marketing was the theme of the January 2011 Ernst & Young Marketing Team Conference that I was invited to speak at. This is the presentation that I gave to an engaged and lively ...

A Passion for Better Marketing was the theme of the January 2011 Ernst & Young Marketing Team Conference that I was invited to speak at. This is the presentation that I gave to an engaged and lively session where some of the big questions got asked - why are we different? How do we win? How can I make a difference?

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  • So the important point here is that context is immensely important.I believe that many of the principles of building brands are common across all industries. This is because they are based on the psychology of ideas and this doesn’t change across categories. However for me these principles are applied in a completely different corporate and consumer context which means that building financial services brands needs a very different approach that other categories. And so I’d like to spend the next few minutes exploring some of these differences in context in the building of financial services brands. But first I can see that after 40 minutes of presentations some of you are flagging so let’s start with a quiz.
  • So the important point here is that context is immensely important.I believe that many of the principles of building brands are common across all industries. This is because they are based on the psychology of ideas and this doesn’t change across categories. However for me these principles are applied in a completely different corporate and consumer context which means that building financial services brands needs a very different approach that other categories. And so I’d like to spend the next few minutes exploring some of these differences in context in the building of financial services brands. But first I can see that after 40 minutes of presentations some of you are flagging so let’s start with a quiz.
  • The strategic goal of marketing in many businesses is to create a differentiated position in the market that gives you competitive advantage through cheaper cost of sales or price premium for example. Of the many principles that we could consider this is perhaps one of the most fundamental. Actually I’m not sure this has been proven effective for the main stream brands in financial services. If we look at our banks for example. A highly consolidated and inert market with very little to split apart the businesses products, performance or promise. Certainly not enough to encourage mass switching to occur except maybe in those more liquid and more easily gamed products like credit cards. After the disaster of the past few years I would observe that even more than usual our large financial services providers have hunkered down removing any obvious claims to be different and creating a melle of red, blue and green in the middle.I wonder whether actually there is an important insight that comes from this – that in highly consolidated markets where products are complex and risky, where human interaction is the key lever to get right, that actually the main difference between financial services brands and other categories is that....
  • Financial services are delivered through people and are long term relationships. And people are much harder to manage than a shampoo formulation.This gives us a paradox - that despite the fact that financial services organisations are rational, numbers driven places, at the heart of their business is humanity. The humanity of people delivering the end customer experience and the human beings choosing to buy or not. And the impact of human based delivery is unique amongst mass market product categories. In this regard banking is still a professional service more akin to the lawyer or accountant. Despite the commoditisation and intermediation of technology into financial services the product experience is often made or broken by a human interaction whether that be through a call centre, branch or online chat. In financial services the brand should be something to get behind rather than hide behind

A passion for better marketing Ernst & Young Marketing Conference Presentation A passion for better marketing Ernst & Young Marketing Conference Presentation Presentation Transcript